RETAIL INDUSTRY
Why retailer TFG is particularly confident about Australia
Retailer TFG is outperforming its peers despite tough global trading conditions, with newly appointed CEO Anthony Thunström saying on Monday the group is particularly optimistic about Australia. Group turnover for the first 20 weeks of the 2019 financial year increased 32% compared with the corresponding prior period, with strong turnover growth for TFG London and TFG Africa despite subdued retail activity in SA and the UK. TFG’s performance in Australia is in contrast to Woolworths, which reported an after-tax loss of R3.5bn in the year to end-June, after a R6.9bn impairment of its department store chain David Jones. The numbers look good, and speciality retailer TFG continues to grow ahead of its peers, said Avior Capital Markets retail analyst Atiyyah Vawda. TFG in Australia is well positioned with underpenetrated brands and its focus on menswear, which is helping it avoid discounting, said Vawda. "It’s a tough environment, so it is really quite encouraging," she said. TFG, the o...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.